Yep, I worked at a small company that got bought by a bigger one. We had a solid if aging product to support which was one of the big players for the niche. Once there was a leadership change, 2/3 of the devs got put on building a replacement software. Then in a couple of years our subgroup got spun off and sold to PE and the v2 project was shelved for another brand new design to align with the new ownership. I left just before the spin-off, but witnessed how the original software slowly rotted away and all of the marketshare dominance we had for that area slipped away.

Devs love new tech and the product people love something new to put their stamp on, but chasing that high can be ruinous.